Western Alliance (NYSE: WAL) CRO logs derivative exercises and issuer disposals

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Western Alliance Bancorporation Chief Risk Officer Emily Nachlas reported routine equity-related transactions involving small share amounts. On June 15, 2026, she exercised derivative rights tied to a total of 189 common-share equivalents and recorded matching dispositions of common stock back to the issuer at $81.81 per share.

Following these transactions, Nachlas directly held 16,575 shares of common stock. She also continues to hold cash settled restricted stock units that vest monthly, each unit being the economic equivalent of one share of Western Alliance common stock and payable solely in cash according to the disclosed vesting schedules.

Insider Trade Summary

189 shares exercised/converted

Mixed 9 txns

Insider Nachlas Emily

Role Chief Risk Officer

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	72	$0.00	--
Exercise	Cash Settled Restricted Stock Units	53	$0.00	--
Exercise	Cash Settled Restricted Stock Units	64	$0.00	--
Exercise	Common Stock	72	$0.00	--
Disposition	Common Stock	72	$81.81	$6K
Exercise	Common Stock	53	$0.00	--
Disposition	Common Stock	53	$81.81	$4K
Exercise	Common Stock	64	$0.00	--
Disposition	Common Stock	64	$81.81	$5K

Holdings After Transaction: Cash Settled Restricted Stock Units — 573 shares (Direct, null); Common Stock — 16,647 shares (Direct, null)

Footnotes (1)

These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2024 and ending February 2027. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock. These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2025 and ending February 2028. These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2026 and ending February 2029.

Key Figures

Issuer dispositions: 64, 53 and 72 shares at $81.81 Derivative exercises: 189 common-share equivalents Direct common shares held: 16,575 shares +3 more

6 metrics

Issuer dispositions 64, 53 and 72 shares at $81.81 Common stock returned to issuer on June 15, 2026

Derivative exercises 189 common-share equivalents Exercise or conversion of derivative security on June 15, 2026

Direct common shares held 16,575 shares Post-transaction common stock holdings

Cash settled RSU holding 2,049 units One cash-settled RSU grant after June 15, 2026

Additional RSU holdings 1,055 and 573 units Other cash-settled RSU grants after June 15, 2026

Unit-share equivalence 1 unit = 1 share equivalent Each cash settled RSU tracks one WAL common share

Key Terms

Disposition to issuer, Exercise or conversion of derivative security, Cash Settled Restricted Stock Units, economic equivalent of one share, +1 more

5 terms

Disposition to issuer financial

"transaction_code_description: Disposition to issuer"

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

Cash Settled Restricted Stock Units financial

"security_title: Cash Settled Restricted Stock Units"

Cash-settled restricted stock units are employee compensation promises that mirror the value of company shares but pay out in cash instead of delivering actual stock once the units vest. Think of them as a future paycheck tied to the company’s share price that is paid after time or performance conditions are met. Investors watch them because they create future cash obligations for the company and avoid share dilution, both of which can affect earnings, cash flow and per-share metrics.

vest and are payable solely in cash financial

"These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/17/2026 - 05:19 PM Accepted by SEC EDGAR 06/17/2026 - 05:18 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nachlas Emily

(Last)

(First)

(Middle)

C/O WESTERN ALLIANCE BANCORPORATION

ONE E. WASHINGTON STREET, STE 1400

(Street)

PHOENIX

ARIZONA

85004

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
WESTERN ALLIANCE BANCORPORATION [ WAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Risk Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/15/2026		M		72⁽¹⁾	A	$0⁽²⁾	16,647	D
Common Stock	06/15/2026		D		72	D	$81.81	16,575	D
Common Stock	06/15/2026		M		53⁽³⁾	A	$0⁽²⁾	16,628	D
Common Stock	06/15/2026		D		53	D	$81.81	16,575	D
Common Stock	06/15/2026		M		64⁽⁴⁾	A	$0⁽²⁾	16,639	D
Common Stock	06/15/2026		D		64	D	$81.81	16,575	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Cash Settled Restricted Stock Units	⁽²⁾	06/15/2026		M			72	⁽¹⁾	⁽¹⁾	Common Stock	72	⁽²⁾	573	D
Cash Settled Restricted Stock Units	⁽²⁾	06/15/2026		M			53	⁽³⁾	⁽³⁾	Common Stock	53	⁽²⁾	1,055	D
Cash Settled Restricted Stock Units	⁽²⁾	06/15/2026		M			64	⁽⁴⁾	⁽⁴⁾	Common Stock	64	⁽²⁾	2,049	D

Explanation of Responses:

1. These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2024 and ending February 2027.

2. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock.

3. These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2025 and ending February 2028.

4. These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2026 and ending February 2029.

Remarks:

	/s/Jessica Jarvi (Attorney-in-fact)	06/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did WAL Chief Risk Officer Emily Nachlas report?

Emily Nachlas reported exercising derivative rights linked to 189 common-share equivalents and recording corresponding dispositions of common stock back to Western Alliance at $81.81 per share, reflecting routine issuer-related equity adjustments rather than open-market buying or selling.

How many Western Alliance (WAL) shares does Emily Nachlas hold after these transactions?

After the reported transactions, Emily Nachlas directly holds 16,575 shares of Western Alliance common stock. This figure comes from the post-transaction holdings shown in the filing and represents her direct ownership position following the June 15, 2026 activity.

What price was used for the Western Alliance (WAL) issuer dispositions?

The dispositions of Western Alliance common stock back to the issuer were recorded at $81.81 per share. These were coded as issuer dispositions rather than open-market sales, indicating the shares were returned to the company on that pricing basis.

What are the cash settled restricted stock units reported by WAL’s CRO?

The cash settled restricted stock units are compensation awards that vest monthly and are payable solely in cash. Each unit is the economic equivalent of one share of Western Alliance common stock, with separate 36‑month vesting schedules beginning in March 2024, 2025, and 2026.

Did the WAL insider Form 4 show open-market buying or selling?

The Form 4 did not show open-market purchases or sales. Instead, it detailed derivative exercises and dispositions of common stock back to the issuer, along with changes in cash settled restricted stock units that mirror Western Alliance’s share value but settle in cash.